New Turkey sanctions loom over bank refinancings

By Mariam Meskin

15 Oct 2019

Turkey’s banks have begun their second refinancing season of the year, though increasing political uncertainty, which has led to new US sanctions on Turkey, could potentially jeopardise primary and secondary pricing levels for the borrowers, according to bankers.

Garanti Bank and Yapı Kredi Bank are both in the market to refinance existing loans, though neither is targeting a full rollover, said sources.

The US Treasury announced on Monday evening that it had imposed sanctions on Turkey’s energy and defence ministries, as well
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